Sample Final_sp08_KEY

Sample Final_sp08_KEY - ACCT 2050/sec 08 Financial...

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ACCT 2050/sec 08 Financial Accounting Spring 2008 Sample Final Examination Monday, May 12, 10:30AM – 12:30PM Name (Print) : __________________________________________ Student ID : ____________________________________________ IN S TRUCTIONS 1. The honor code applies to the examination: Academic integrity requires that no student offer, give, request or accept unauthorized aid during this examination. 2. This is a closed-book exam. You may use calculators (but not computers) during the exam. 3. You have 2 hours for this exam. 4. This exam consists of 10 multiple choices and three long questions. The exam is out of 300 points. 5. The exam contains XX pages (including the cover page). Make sure you have all pages. 6. Answer the questions in the space provided in the examination. To gain partial credit, show all supporting calculations. If you have made certain assumptions, state your assumptions. Spaces are provided for supporting calculations. If you require more space, you may use the reversed side of this document. Make sure your answers are legible. 7. Have fun! Examiners’ use only Question 1 2 3 Total Points 100 100 100 300 Received Page 1 of 11
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Question 1: MULTIPLE CHOICES 1. The accounting equation can be stated as: A) Assets = Liabilities - Stockholders' equity. B) Assets + Stockholders' equity = Liabilities. C) Assets + Liabilities = Stockholders' equity. D) Assets = Liabilities + Stockholders' equity. E) None of the above is correct. 2. If the effective (market) interest rate for a bond is higher than the stated interest rate, the bond will sell at A) a discount. B) a premium. C) par. D) Both A and B are correct. E) None of the above is correct. 3. George's grandmother promises to give him $3,000 at the end of three years and $4,000 at the end of four years. How much is the money worth today if George could earn 6% annual interest on the funds? A. $ 5,545. B. $ 5,687. C. $16,237. D. $21,879. E. $ 7,000. 4. The balance sheet of Werther Company showed the following data about its common stock, par $1: authorized shares, 10,000,000; outstanding shares, 4,300,000; and issued shares 4,700,000. Therefore, the number of treasury stock shares was A) 0. B) 4,700,000. C) 4,300,000. D) 400,000. E) None of the above is correct. Page 2 of 11
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5. McGuire Company had the following stockholders' equity section: Capital stock, par $10 (20,000 shares issued) $200,000 Contributed capital in excess of par 15,000 Retained earnings, balance January 1, 2009 80,000 Revenues earned during 2009 400,000 Expenses (excluding income tax) incurred during 2009 320,000 Cash dividends declared and paid (during 2009) 30,000 Treasury stock (2,000 shares at cost) 25,500 Average income tax rate, 30% At what amount per share was the treasury stock purchased? A) $17.00.
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This note was uploaded on 05/10/2008 for the course ACCT 2050 taught by Professor Sanjay during the Spring '08 term at Minnesota.

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Sample Final_sp08_KEY - ACCT 2050/sec 08 Financial...

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